General Electric Co. plans to cut thousands of jobs from its power equipment making business in Europe, according to a French news report late Tuesday. GE presented a plan to the European Works Council that would cut 4,500 jobs from the power equipment business acquired from Alstom SA in 2015, according to Les Echos. GE issued plans to cut 6,500 jobs from the former Alstom units at the beginning of 2016. GE shares rose less than 0.1% to $17.77 after hours. Shares have fallen more than 28% over the past three months following major restructuring efforts from new Chief Executive John Flannery and are down nearly 44% for the year. In October, Flannery expressed his disappointment in GE’s power business and how it was run.
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